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Author Topic: Another one bites the dust  (Read 1260 times)

DiabloLoco

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Another one bites the dust
« on: April 04, 2016, 01:39:02 pm »

First Tulving, now NW Territorial Mint?!? Wow. So sad. I really like the "Stagecoach Silver", as well as the "Silver Bullet Bullion" products. :icon_pale:

They seem to be still open for business, but in light of this development, I wouldn't buy from them.



The Pitfalls Of Buying Gold And Silver Online, And How To Avoid Them

http://www.gold-eagle.com/article/pitfalls-buying-gold-and-silver-online-and-how-avoid-them

Quote
Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 protection Friday, a month after the company and its owner were hit with large jury verdicts in a defamation case.

Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 bankruptcy protection Friday.

The move came a month after the company and its owner, Ross B. Hansen, were each hit with multimillion-dollar jury verdicts in a defamation and invasion of privacy lawsuit brought in Nevada by a Los Angeles businessman.

The company's filing says it has more than 200 unsecured creditors, and its assets and liabilities both exceed $10 million. Its biggest listed debts are a $7 million judgment in favor of the businessman, Bradley Steven Cohen, and a $5.5 million judgment in favor of his firm, Cohen Asset Management, both classified as disputed.

The defamation suit claimed Northwest Territorial Mint and Hansen created anonymous websites that compared Cohen to Bernard Madoff, the Wall Street broker convicted of a massive Ponzi scheme. The lawsuit claimed the animosity stemmed from litigation by an affiliate of Cohen's firm, which had been the mint's landlord at an Auburn warehouse.

The federal judge's order in the defamation case indicates the judgments against Northwest Territorial Mint and Hansen total $37 million.

Just another reason why it's always best to buy bullion in person. With cash! When the transaction is complete and the bullion is IN YOUR HANDS, you own it. In person, that happens instantaneously. Buying online, transaction to "in your hands" time, can be 6 weeks or more! Cutting out the middle man mitigates a lot of the risks. Getting friendly with a local bullion dealer(s) is a good idea anyways. If/when you need to convert the bullion back into FRN's due to hardship or an emergency, you will know where to go, and will get a decent price.

BTW, as I write this post, silver has dipped back under $15/oz. Might be a good time to add to the stack. :mellow:




DL :threvil:
« Last Edit: April 04, 2016, 01:52:11 pm by DiabloLoco »
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Bill St. Clair

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Re: Another one bites the dust
« Reply #1 on: April 04, 2016, 05:29:54 pm »

Apmex.com has always gotten my silver/gold to me in a week or less. Same with selling metal. They get cash auto-deposited to my account in a week or less. If I do my part in getting my check or metal to them (they take credit cards for purchase of metal, but charge a premium for the privilege).
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"The state can only survive as long as a majority is programmed to believe that theft isn't wrong if it's called taxation or asset forfeiture or eminent domain, that assault and kidnapping isn't wrong if it's called arrest, that mass murder isn't wrong if it's called war." -- Bill St. Clair

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DiabloLoco

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Re: Another one bites the dust
« Reply #2 on: April 04, 2016, 06:40:34 pm »

Apmex.com has always gotten my silver/gold to me in a week or less. Same with selling metal. They get cash auto-deposited to my account in a week or less. If I do my part in getting my check or metal to them (they take credit cards for purchase of metal, but charge a premium for the privilege).
I hear ya. I have had good luck with www.silvertowne.com but I still prefer face to face transactions. :mellow:

Considering that I am also a coin collector and buy numismatic coins along with regular bullion purchases, I'm in pretty tight with all the local dealers. They always call me when they get in large amounts of junk silver. :thumbsup:
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Jake

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Re: Another one bites the dust
« Reply #3 on: April 11, 2016, 10:33:14 am »

I travel 500 miles to visit friends, one of which is Michael of Michael's Precious Metals in Corvallis.  Over the counter is absolutely the best avenue.  I have watch his daughter grow from fetus to first grade.  Know your metal dealer!

Since O'bummer voted in, Michael has paid off all his debt with O'bummer dollars (paper money) as he calls it.

It would also help to get your state to recognize metal as legal tender like Utah.
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